Ulster County government is looking to expand the supply of permanent housing by providing gap funding to help projects. Beginning on March 11 and ending on May 10, the Housing Action Fund (HAF) will accept applications from those looking to receive a financial stimulus in exchange for creating additional housing units.
Affordable rental projects, affordable homeownership projects, emergency and supportive housing projects, preservation of affordable housing for housing co-ops and community land trusts, housing-related infrastructure, and accessory dwelling units whose rents remain affordable for 15 years after their creation can be eligible for funding.
Applicants can receive anywhere from $30,000 to $60,000 per housing unit brought onto the market, with a maximum $500,000 for an individual project adding numerous housing units to the available stock. The maximum grant amount and affordability level for projects vary based on the housing category.
This will be the first year of the fund’s operation. Three million dollars will be distributed this year.
The HAF has been seeded with $15 million from the county’s fund balance and will be replenished with a quarter of hotel-occupancy tax revenues.
A housing policy and oversight committee chaired by ex-legislator Fawn Tantillo was appointed in November to administer the application process and score proposals. Other members are Susan Blickstein, Soham Dhesi, Loriman Rhodell and Sara Bayer.
The county planning department will lend expertise and support.
About 42 percent of Ulster County residents spend more than half their income on housing.
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